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UPDATE: Alterra Power Up 13% After Narrowing Q4 Net Loss; Positive EBITDA Turnaround

Alterra Power Corp. (AXY.TO) is ahead 13% in initial trade today after late Friday reporting a narrower fiscal Q4 net loss, posting a $14.2 million loss, or 5 cents per share, compared to a $16.4 million net loss in fiscal 2010.

The electric utility company also enjoyed a positive turnaround in EBITDA for fiscal 2011, recording $12.7 million in pre-tax and other item profit versus a $6.8 million lost last year.

CEO John Carson said the financial results reflect the accounting complications resulting from rapid growth in 2011, including its increased stake in HS Orka and our acquisition of Plutonic.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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